Why Marketers Will Rule The World: Rise of the Marketing Technologist
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Social and digital have put extreme power in the hands of marketers, if only they'll learn how to wield it. With Gartner research predicting that by 2017 the CMO will spend more on technology that the CIO, marketers are entering a new era of big data, automation and the ability to drive business strategy by delivering real-time access to the voice of the customer, all thanks to the Internet. Is your team ready for the era of the Chief Marketing Technologist? In this session we'll talk about emerging tech trends in marketing and how savvy, forward-thinking leaders can serve up enormous business value and position themselves to take a seat at the big table.
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Why Marketers Will Rule The World: Rise of the Marketing Technologist
- 1. WHY MARKETERS WILL RULE THE WORLD Maggie Fox, Founder & CEO @maggiefox
- 2. AGENDA Where we are Where you’re losing out Your opportunity Skillsets and your changing team Where you want to get to
- 4. WHERE WE ARE CMO tenure has shifted from 23 months in 2006 to 43 months in 2012
- 5. WHERE WE ARE By 2017, Gartner says CMOs will be spending more on tech than CIOs
- 6. WHERE YOU’RE LOSING OUT • 59% don't specify marketing technology • 45% don't recommend marketing technology • 46% don't select marketing technology • 15% DON'T HAVE ANY SAY AT ALL
- 8. WHERE YOU’RE LOSING OUT 93% believe they Data-driven companies are losing revenue +6% productivity
- 9. YOUR OPPORTUNITY Blending the art & science of marketing • Storytelling • Measurement
- 10. YOUR OPPORTUNITY The “segment of one” Individual leverage Group leverage
- 11. OPTIMIZING MEDIA SPEND Simple relationships: at any scale +9% improvement in media effectiveness
- 12. PREDICTING AUTO RECALLS Identifying relationships to predict product or performance failures.
- 13. TARGETING HABITS Knowing what a habit is and what it means when it changes
- 14. YOUR CHANGING TEAM Structured Unstructured data
- 15. YOUR CHANGING TEAM People and skillsets
- 16. THE WAY YOU WORK 15% data capture 20% data reporting 65% data analysis
- 17. THE WAY YOU WORK 65% data capture 20% data reporting 15% data analysis
- 18. WHERE YOU WANT TO GET TO Working more closely with IT Robust measurement infrastructure Custom algorithms will be key Understanding “action-based connections”
- 19. WHO WILL HELP YOU GET THERE?
- 20. WHO WILL HELP YOU GET THERE? The Marketing Technologist
- 21. THANK-YOU WHY MARKETERS WILL RULE THE WORLD Maggie Fox, Founder & CEO @maggiefox
- 22. PHOTO CREDITS SLIDE 1 & 2: http://www.flickr.com/photos/uscapitol/6241122314/ SLIDE 8: http://www.flickr.com/photos/statelibraryqueensland/8137876825/ SLIDE 8: http://www.flickr.com/photos/swedish_heritage_board/5517008671/ SLIDE 9: A Neapolitan Storyteller by Pierre Bonirote SLIDE 10: http://en.wikipedia.org/wiki/Image:Archimedes_lever_(Small).jpg The Syndics of the Amsterdam Drapers' Guild, known as the ‘Sampling Officials’ SLIDE 11: http://www.flickr.com/photos/nlireland/5963130143/sizes/l/in/photostream/ SLIDE 12: http://www.flickr.com/photos/centralasian/5583102954/ SLIDE 14: http://www.flickr.com/photos/library_of_congress/5050946511/ http://www.flickr.com/photos/statelibraryqueensland/7946596602/sizes/l/in/photostream/ SLIDE 15: http://www.flickr.com/photos/nationaalarchief/4193509510/ SLIDE 18: http://www.flickr.com/photos/ciagov/5416173011/
Hinweis der Redaktion
- speaking about something I've been thinking about a lot lately: social and digital have put extreme power in the hands of marketers, if only you'll learn how to wield it. We're entering a new era of big data, automation and the ability to drive business strategy by delivering real-time access to the voice of the customer, all thanks to the Internet. Is your team ready for the era of the Chief Marketing Technologist? Savvy, forward-thinking marketing leaders who "get it" can position themselves to deliver enormous business value and take a seat at the big table.
- The average lifespan of the CMO has increased from 23 months in 2006 to over 43 months in 2012. Forbes magazine suggests this is a reflection of the growing strategic nature of the role - and there's enormous opportunity to solidify this position by delivering measurable business results.
- Technology is playing a growing role in this. By 2017, Gartner analyst Laura McLellan predicts that CMOs will spend more money on technology than CIOs.
- At the moment, however, most marketers are falling down on the job - badly, especially when it comes to technology. A recent survey from ITSMA and VisionEdge Marketing paints a stark picture of marketers and their ownership of their own technology choices:• 59% don't specify marketing technology• 45% don't recommend marketing technology• 46% don't select marketing technology• 15% DON'T HAVE ANY SAY AT ALL
- This is a shockingly hands-off approach, and one that could very well come back and bite you if you allow it to continue. Just this past weekend, the Wall Street Journal ran a story that suggested CIOs, not CMOs, should be responsible for digital leadership in most organizations. The article predicted that a new role, The Chief Digital Officer, would fall to IT because "IT is everywhere". Russell Reynolds, one of the world's top recruiting companies, describes the CDO as "[someone] who can oversee the full range of digital strategies and drive change across the organization.”And it's not just technology where marketers' chops are being questioned: it's also the ability to deliver business and operational intelligence (real-time insight into business performance); two things that are of enormous value to the entire organization, and two things that marketing is uniquely well-positioned to deliver in the digital age.
- In July, Oracle released a survey of more than 300 US and Canadian executives that showed 93% of them believe they're losing revenue because they aren't able to access or act on information already available to them. And they're right - the New York Times recently referenced a study of 179 large companies that found those adopting "data-driven decision making" achieved productivity gains of up to 6% - and couldn't explain them any other way.
- So what's your opportunity? To blend the "Art and Science" of marketing; the art is the storytelling (something you're so very good at) and the science is the technology and strategic business value that you can deliver by leveraging big data generated by social media and other customer interactions online; a wellspring of fantastic intelligence, if you have the technologies and skillsets to process and analyze it.
- In Inc. Magazine, Brian Halligan recently described it as delivering to a "segment of one" - think about sites like Netflix and Amazon, which use a combination of individual leverage (the more I use the site, the more it learns about me) and group leverage (the more people like me use the site, the better the site can predict what I may want or like) to deliver a better customized, higher-revenue generating experience.
- Integrated data analysis improves marketing spend: Simple, and doesn't just have meaning for big companies: Steve McKee, who writes for Bloomberg BusinessWeek, and owns a consulting firm recently did a straightforward analysis that went beyond traffic. He correlated one small client’s media spending, Web traffic, customer inquiries, and purchase data to discover the relationships between each of those metrics. He also tracked overall results to increases or decreases in advertising spending as well as the effects of lag time between media buys. That understanding has given them the ability to improve the effectiveness of the company’s media investment by as much as 9 percent over the coming year." http://www.businessweek.com/articles/2012-09-14/big-data-can-make-a-big-difference-in-marketing
- Automotive recalls: Pamplin College of Business in the US did the first large-scale study to try and determine what the connection was between social media mentions and eventual recalls. They found a direct, predictive connection: automotive problem reports in social media are strong predictors of safety and performance defect. Wouldn't you like to know ahead of time? http://www.zdnet.com/ten-examples-of-extracting-value-from-social-media-using-big-data_p3-7000007192/#photo
- 3. The target/pregnant daughter case study - that's an example of "action based connection" two colleagues from the marketing department stopped by his desk to ask an odd question: “If we wanted to figure out if a customer is pregnant, even if she didn’t want us to know, can you do that? ” < asked a *statistician* they gather all kinds of offline data, but included in that dataset is "what kinds of topics you talk about online"http://www.nytimes.com/2012/02/19/magazine/shopping-habits.html?pagewanted=1&_r=1&hp
- One of the biggest challenges behind turning social media data into business and operational intelligence is the need to make structured and unstructured data play nicely together (structured data is the stuff that's easy to put into a database - often things like sales numbers, or numbers of clicks; things that are easy to count and don't require any interpretation. Unstructured data, however, are text-heavy, things like conversations and facts. Unstructured data is irregular and requires analysis to be understood by all - that's the hard part).
- - Gartner predicts by 2015 big data demand will reach 4.4 million jobs globally- You will need a strong database person to put the data into forms that can be analyzed.- You also will need statisticians who can understand the data and its impact.- You must have people adept at understanding behavioral data. The data we are receiving from social media is vastly different from the static, transactional data we had previously gathered. It is unstructured, fluid, mobile and often contradictory. http://www.forbes.com/sites/onmarketing/2012/06/28/social-media-and-the-big-data-explosion/
- - AvinashKaushik, Google's digital marketing evangelist advises the ideal resource breakdown for an organization looks approximately like this: 15 percent data capture, 20 percent data reporting, 65 percent data analysis. The issue is that right now it's flipped: most organizations spend a majority of their time capturing and reporting data but don't yet analyze and act on it properly.http://www.clickz.com/clickz/column/2222585/datadriven-leadership-is-your-organizations-future
- Currently, for most organizations, this is flipped
- - marketing will specify, recommend, select, purchase, and operate its own marketing technology - that means partners, either inside or outside of the organization- CMOs and CIOs need to work more closely together - and they have more in common than you might think. Gartner research has an executive program, and nearly half of the CIOs that participate have business, rather than technical, backgrounds. http://blogs.gartner.com/jennifer-beck/can-cmos-and-cios-do-something-extraordinary-together/- Your measurement infrastructure will need to incorporate real-time monitoring of streaming and trending information coupled with historical views of archived data, http://windmillnetworking.com/2012/06/13/the-big-data-impact-on-social-media-marketing/- custom algorithms will rule the day since what matters to you may not matter to someone else- Analyzing what Kellogg School of Management Professor AlokChoudhary calls "action-based connections" To best utilize big data in social media, Choudhary championed “action-based connections,” which he said analyze social networks with billions of edges and comments to find patterns of connections and interests... It is, after all, a customer’s actions that will define his or her propensity to engage with a particular brand or specific offer. action-centric big data culled from social media can drive an organization’s marketing message right down to semantics. http://www.kellogg.northwestern.edu/News_Articles/2012/choudhary-focus-group.aspx
- The Marketing Technologist, according to a Mashable interview with Scott Brinker, who writes on the subject at chiefmartec.com is: "someone who has a hybrid between business and technology, a strong background in engineering and IT, is an early adopter of technology, but someone who also understands the pragmatic realities of scaling technology. But most importantly, someone who brings those skills and combines them with a deep love and passion for the marketing mix. This is a technologist that reports to the CMO, not the CIO." http://mashable.com/2010/10/19/chief-marketing-technologist/
- The Marketing Technologist, according to a Mashable interview with Scott Brinker, who writes on the subject at chiefmartec.com is: "someone who has a hybrid between business and technology, a strong background in engineering and IT, is an early adopter of technology, but someone who also understands the pragmatic realities of scaling technology. But most importantly, someone who brings those skills and combines them with a deep love and passion for the marketing mix. This is a technologist that reports to the CMO, not the CIO." http://mashable.com/2010/10/19/chief-marketing-technologist/